NEW YORK, Oct. 9, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Leslie's, Inc. ("Leslie's" or the "Company") (NASDAQ: LESL). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Leslie's and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 13, 2023, Leslie's pre-released preliminary results for the third quarter of 2023. Among other items, Leslie's revealed that sales in the third quarter of 2023 had declined by 12%, the Company's earnings per share for the quarter was 42% below analysts' estimates, and adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") was now between $124 to $128 million, well below the prior forecast of $197 million.
Additionally, after reaffirming its fiscal 2023 guidance the previous two quarters, Leslie's abruptly slashed its financial outlook by up to 60% for the remainder of the year. By way of explanation, the Company stated that "consumers entered the pool season with a greater than normal amount of chemicals leftover from last year," resulting in reduced purchasing. In addition, as part of this pre-release and the sudden drop in guidance, Leslie's announced that its Chief Financial Officer Steven M. Weddell would be stepping down from his post effective August 7, 2023.
On this news, Leslie's stock price fell $4.06 per share, or 42.65%, over the following two trading sessions, to close at $5.46 per share on July 17, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
